MoneyGram to acquire money transfer businesses in Greece

MoneyGram has acquired Advanced ChronoCash Services (“ACCS”) and has signed an agreement to acquire MoneyGlobe Payment Institution S.A., which are both based in Athens, Greece.

MoneyGram acquired super agent ACCS through a share purchase agreement. ACCS has been a MoneyGram agent since 2003, and has now grown to more than 400 locations with a loyal base of retail agents. The acquisition establishes a direct retail network for MoneyGram in Greece, enabling a closer relationship with its consumers.

Additionally, MoneyGram has signed an agreement to acquire the shares of MoneyGlobe Payment Institution S.A., a provider of cash-to-account money transfers from Greece to Bangladesh. The transaction is subject to closing conditions and regulatory approvals.

“ACCS has been a great partner to MoneyGram, building a strong network of quality retail agents,” said Carl Scheible, executive vice president of Europe and Africa at MoneyGram. “By acquiring the company, we will now be able to continue to expand the network directly in partnership with our agents who serve our consumers every day.”

In addition, Scheible said, the acquisition of MoneyGlobe will enable MoneyGram to offer a technology-driven solution that meets the unique needs of consumers in Greece. “As the Greek economy begins to improve, MoneyGram can now move more nimbly to capture new opportunities in this important market,” he said.

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